Equity has been ranked as the 2nd topmost valuable brand in Kenya, according to Brand Finance, an organization that specializes in brand valuation across all sectors.
Each year, Brand Finance undertakes the world’s largest study on brand valuation, ranking over 5000 of the world’s biggest brands across all sectors and geographies. Millions of data points are analysed, calculated and combined to form over 50 annual rankings released each year.
For the first time this year, Brand Finance launched the Africa150 ranking; a ranking of Africa’s most valuable and strongest brands. Equity, with a customer base of 14.2 million customers emerged among the topmost rated brands during the period. Equity Group Holding plc is also the 2nd highest valued company by market capitalisation at the Nairobi Stock Exchange at Kshs 132.3Billion.
The inaugural Brand Finance Africa 150 2020 ranking saw Equity ranked in position 69 in Africa. Equity was a front runner amongst banking sector peers in the region. The Bank’s ranking is evidence of the Group’s continued brand growth and influence in the society in which it operates.
According to Brand Finance, the top 150 African Brands stand to lose 630 billion of cumulative brand value, resulting from the devastating COVID-19, pandemic impact. The company assessed the impact of COVID-19 based on the effect of the outbreak on enterprise value, compared to what it was in January this year.
Despite the business disruption caused by the COVID-19 pandemic, Equity’s strategy has ensured it remains committed to its customers through its product and service offering. As at end of the year 2019, Equity’s balance sheet size stood at Kshs 673.7 billion, making it among the top 10 ranking banks in Africa, based on financial soundness, return on risk, and profitability. In the year under review, Equity registered a 14% increase in profit after tax, which was driven by a 23% growth in the loan book.
Commenting on the ranking Dr. James Mwangi, Equity Group Managing Director and CEO said, “This recognition is a testament to Equity’s commitment to living its purpose of transforming lives, giving dignity and expanding opportunities for wealth creation. Over time Equity has established itself as a Social and Economic brand, scaling on both fronts, owing to its unique approach. The Group has and will continue to impact lives and livelihoods of people in communities where it operates by using existing infrastructure, strategic partnerships and a strong brand.”
Brand Finance is a London based organization that evaluates the strength and value of more than 5000 global brands every year, since 2008. The company evaluates the strength of brands and quantifies their financial value to help organisations of all kinds make strategic decisions. Brandirectory holds all the Brand Finance rankings, specialist reports and whitepapers published since 2007. With over 40 sectors and industries covered in 46 countries, Brandirectory is the most comprehensive collection of original brand valuations, brand strength analyses and royalty rate calculations.